A basic overview of insurance: life, critical illness and disability.
Life Insurance: Pays tax free benefit upon death. Term vs Permanent. Aim for total coverage of Debt + 7x Income
Critical Illness: Pays tax free benefit upon diagnosis of a covered condition.
Disability: Pays benefit based on your inability to earn employment income. If you have benefits at work, you might already have sufficient disability coverage but double check the variables so you know what you have.
Creditor Insurance: Typically more expensive and less comprehensive than a personally owned policy but can be a good option if your health prevents you from getting a policy on your own.
As always, feel free to reach out to me at evan@ennsbaxter.com